(Yicai Global) Feb. 16 -- Chinese road freight software developer G7 has completed a USD200 million financing round, led by Shanghai Trust Bridge Partners Management, CMG-SDIC Fund, and others.

Existing shareholders, including GLP and CBC Capital, joined the latest fundraiser, the Beijing-based transport platform said in a statement today. The proceeds will be used in product research and development, as well as service improvement.

G7 raised USD320 million via its previous financing in 2018. Founded in 2010, the firm provides its clients such as third-party logistics companies and manufacturers with software based on its Internet of Things technology to help them with cargo management and security to reduce delivery costs. It serves nearly 50,000 freight operators and more than two million vehicles.

China is the world’s largest road freight market with an annual business volume of about CNY5.6 trillion (USD883.1 billion), accounting for about 5.5 percent of the nation’s gross domestic product, according to a report released by Boston Consulting Group late last year.

Editor: Emmi Laine, Xiao Yi